·光通信公司Ciena将取代人力资源软件公司Dayforce纳入标普500指数，调整将于2月9日开盘前生效。 ·龙韵股份2月9日起复牌，拟购买愚恒影业58%股权。 ·吉华集团2月9日起复牌，控股股东和实际控制人拟变更。 上证精选 ·国务院第十次全体会议2月6日召开，讨论拟提请十四届全国人大四次会议审议的政府工作报告稿和"十 五五"规划纲要草案稿。 ·2月7日，我国在酒泉卫星发射中心使用长征二号F运载火箭，成功发射一型可重复使用试验航天器。试 验航天器将按计划开展可重复使用试验航天器技术验证，为和平利用太空提供技术支撑。 ·截至2026年1月末，我国黄金储备为7419万盎司，环比增加4万盎司，已是连续第15个月增持黄金。 今日提示 ·2026春节档片单发布活动暨中国电影新春嘉年华将于2月9日举行。 ·截至2026年1月末，我国外汇储备规模为33991亿美元，较2025年12月末上升412亿美元，升幅为 1.23%。 ·八部门联合发布《关于进一步防范和处置虚拟货币等相关风险的通知》，明确虚拟货币相关业务活动 属于非法金融活动，一律严格禁止，坚决依法取缔。 ·2025年社会物流总费用与国内生产总值（GDP）的比率降 ...

Core Viewpoint - The company has signed a tripartite framework agreement with Guangdong Quanxiang Intelligent Technology Co., Ltd. and Jiangxi Xiexun Intelligent Equipment Co., Ltd., along with a purchase contract worth 480 million yuan, aiming to enhance collaboration in AI servers and robotics [1] Strategic Aspects - The agreement is expected to deepen the binding with major clients and seize opportunities in the AI and robotics sectors [2] - The collaboration with Jiangxi Xiexun, a wholly-owned subsidiary of Luxshare Precision, and Guangdong Quanxiang, a company focused on AGV development, will create a closed loop of "technology R&D + product supply + market promotion," accelerating product iteration and market entry [2] - The partnership is anticipated to strengthen the industry ecosystem and enhance the company's bargaining power within the supply chain, potentially expanding cooperation to other products [2] Market and Business Aspects - The purchase contract of 480 million yuan accounts for approximately 59.68% of the company's projected revenue for 2024, with full delivery expected by the end of 2026, directly contributing to performance growth [3] - The collaboration with Jiangxi Xiexun allows the company to enter the promising markets of AI server hardware supply and robotics, leading to order growth and new opportunities in liquid cooling technology [3] - The company is focusing on liquid cooling solutions, having established partnerships with major domestic and international clients, including ZTE and Meta, positioning liquid cooling as a strategic growth direction [3] Investment Recommendations - The company is actively expanding into AI, robotics, and cooling solutions while maintaining its core business, with the 480 million yuan contract providing revenue certainty in the short term [4] - If the ecological cooperation is executed efficiently, it could open new growth trajectories, leading to revised profit forecasts for 2025-2027, with expected revenues of 1.065 billion, 2.872 billion, and 3.741 billion yuan, reflecting year-on-year growth of 30.0%, 169.7%, and 30.2% respectively [4] - The projected net profits for the same period are 150 million, 455 million, and 682 million yuan, maintaining a "strong buy" rating [4]

灵达的实践案例显示，在典型多盘位服务器及高并发场景下，灵可达Linkdata自研HBA在读性能与国际主流方案持平， 实现了自主可控应用无短板；自研RAID卡通过硬件与算法优化，在SSD场景中表现出更优的RAID写入性能。 据灵达方面透露，灵可达Linkdata产品已完成与多家主流整机厂的适配部署，覆盖通用服务器、AI服务器及液冷服务器 等多种形态，累计出货量超过30万片，并在金融、运营商、互联网及能源等行业实现稳定运行。 【环球网科技报道 记者 林梦雪】"服务器产业已从单纯的信息技术产品升级为新型基础设施，其投资与建设逻辑已对标 高铁、电网等关键民生工程，在市场与技术双轮驱动下，将形成万亿级市场空间。" 行业专家在"国产部件生态发展研讨 会"期间说道。 2月4日，光合组织成员单位灵达发布服务器存储控制与高速网络连接系列国产核心 I/O部件，成功攻克国产化 "最后一公 里" 的技术命门。据灵达产品负责人介绍，此次推出的灵可达 Linkdata 系列产品基于纯自研架构设计，实现 100% 自主 可控。其中存储产品全面支持 Tri-Mode 规格，兼容 SATA、SAS 与 NVMe 三种协议形态，为未来存储架构升 ...

Group 1 - Meta and Microsoft continue to show high growth in capital expenditures, with Microsoft reporting a 66% year-on-year increase and Meta a 49% increase for Q4 2025. Both companies announced significant capital expenditure increases for 2026, projected to be around $115 to $135 billion, representing a year-on-year growth of 59% to 87%, which is significantly higher than previous expectations [1] - The performance of leading optical module companies, such as Zhongji Xuchuang and Xinyi Sheng, is in line with expectations, with forecasts for 2025 indicating a continuous increase in the proportion of high-speed optical modules and improved profitability, confirming strong industry demand [1] - The liquid cooling sector is experiencing accelerated penetration, with Amazon's demand for liquid cooling expected to be released following Meta and Google, further enhancing the market potential for ASIC liquid cooling [1] Group 2 - The communication ETF (515880) was the top performer in 2025, with an annual increase of 125.81%, and it also holds the largest scale among its peers, with a size of 15.784 billion yuan as of December 31, 2025, ranking first among 15 similar products [2] - As of December 31, 2025, the optical module content in the communication ETF exceeded 46%, and server content was nearly 20%, indicating a solid fundamental backing for overseas computing power, which remains a preferred choice in a favorable market [1][2]

Core Viewpoint - Supermicro (SMCI) reported strong Q2 results for fiscal year 2026, exceeding market expectations and driving stock price rebound to approximately $32, despite overall bearish sentiment in the AI sector [2][3]. Financial Performance - The company achieved actual revenue of $12.68 billion, surpassing market consensus by 22.6% [3]. - Adjusted earnings per share (EPS) exceeded expectations by approximately 41%, with a significant quarterly performance that restored investor confidence [3]. - Revenue growth was impressive, with a sequential increase of over 100% and a year-over-year increase of 123% [4]. Business Segments and Growth Drivers - The Data Center Building Block Solutions (DCBBS) segment is gaining market acceptance and is expected to contribute double-digit profits by the end of fiscal year 2026 [4]. - Management's focus on customer diversification is anticipated to reduce revenue concentration risk in the coming quarters [4]. Innovation and Operational Efficiency - The company continues to invest in innovation, developing products compatible with NVIDIA and AMD architectures, while also enhancing operational efficiency through automation and streamlined processes [5]. - Analysts believe that these fundamentals will enable the company to meet high performance targets for Q3 and the full fiscal year 2026 [5]. Valuation and Market Position - Despite a 7% stock price increase post-earnings, the valuation remains attractive, with a projected revenue of $40 billion for fiscal year 2026 and a current market cap of under $20 billion, resulting in a forward price-to-sales ratio below 0.5 [5]. - Historical forward price-to-sales ratio suggests a reasonable market cap should be around $44 billion, indicating a significant undervaluation [5].

Group 1: Financial Technology - In 2026, global liquidity is expected to remain reasonably ample, with the domestic monetary policy maintaining a moderately loose tone[14] - The digital RMB 2.0 will officially implement on January 1, 2026, transitioning from M0 to M1 currency attributes[18] - The CIPS network expansion will be a key focus starting February 1, 2026, as new rules for the RMB cross-border payment system come into effect[20] Group 2: AI Applications - The AI application landscape is shifting towards commercial monetization, with a focus on achieving breakeven after initial explosive growth[24] - C-end applications are dominated by major tech giants, making it difficult for smaller firms to survive in the market[40] - B-end applications are seeing some achieving unit economics (UE) breakeven, particularly in sectors with high product-market fit (PMF) like robotaxi[45] Group 3: AI Computing Power - Global demand for AI computing power is on the rise, with domestic internet companies being the largest consumers of intelligent computing servers[3] - Domestic chip manufacturers are making significant breakthroughs, with companies like Huawei and Cambricon showing strong growth potential[3] - The shift towards scale-up supernode architectures is expected to accelerate, enhancing overall system performance[3] Group 4: AI Energy - The AIDC power supply paradigm is evolving towards 800V HVDC systems, driven by the need for higher power density and efficiency[4] - Nuclear fusion is being explored as a long-term energy solution, with significant advancements expected within the next five years[7]

Group 1 - Meta will pay Corning $6 billion by 2030 for fiber optic cables used in AI data centers, highlighting the surge in demand for fiber optics due to overseas AI data center construction [1] - The demand for fiber optic cables is strong in overseas markets, particularly in Southeast Asia, while domestic demand is currently less significant [2] - The average weighted price for fiber optic cable in a recent tender by China Mobile was 53.85 yuan per core kilometer, a decrease of 26.2% from the previous tender, with an implied fiber price of approximately 18.85 yuan per core kilometer, down 35.4% from the previous year [2] Group 2 - The traditional fiber optic supply may shrink due to manufacturers shifting production capacity towards AI-related multimode and specialty fibers, potentially leading to price increases for traditional fiber cables by 2026 [3] - The specialty fiber business is expected to experience explosive growth driven by the AI computing wave, benefiting companies with a comprehensive layout in the fiber optic cable industry [3] - The global digital economy and intelligent computing demand are driving the entire industry chain towards efficiency, sustainability, and intelligence, with companies like Jinpan Technology expanding their product offerings in the AIDC sector [5] Group 3 - Industrial Fulian reported strong customer demand for AI computing, with cloud service providers expected to increase capital expenditures, leading to a projected 40% annual growth in total capital spending, surpassing $600 billion by 2026 [6]

Group 1 - The core viewpoint of the articles is that rising storage chip prices are negatively impacting the global smartphone market, leading to a downward revision of expected smartphone shipments for 2026 by 6% to 1.19 billion units, indicating a year-on-year decline [1] - The increase in storage chip prices significantly raises the BOM (Bill of Materials) costs, particularly affecting entry-level smartphones, which are highly price-sensitive in emerging markets [2] - High-end smartphones, priced above $600, remain largely unaffected by the cost increases, with expected sales growth of 2% CAGR from 2025 to 2027, contributing to 70% of global smartphone revenue by 2027 [3] Group 2 - The demand for entry-level smartphones (priced below $200) is projected to decline at a CAGR of -4% from 2025 to 2027, with market share dropping from 44% in 2024 to 40% in 2027 due to rising costs [2] - The overall market value of smartphones is expected to maintain slight growth, with a projected increase of 2% to $581 billion in 2026, despite a decrease in shipment volumes [2] - In the hardware market, AI training servers are expected to see a significant increase in sales, with a projected growth of 56% in 2025 and 67% in 2026, while the PC market is expected to decline by 5% in 2026 [4]

23日，据媒体公开消息称，中国已要求阿里巴巴等顶尖科技公司准备订购H200人工智能芯片，这也是 英伟达重返中国市场计划的关键一步。 如若消息属实，这将对服务器等硬件设备的需求呈现井喷式增长，联想集团作为全球服务器市场的重要 参与者，也是阿里服务器的最大供应商，将有望斩获更多的服务器订单，成为最直接的受益方之一。 联想与阿里巴巴的合作由来已久且不断深入。早在2017年，联想就已经与阿里云展开合作，并一直是阿 里云重要的服务器供应商。2025年4月联想集团董事长兼 CEO 杨元庆透露，联想服务器赢得阿里巴巴、 字节跳动等大客户的青睐。 从硬件供应来看，联想能够为阿里巴巴提供定制化、高性能的服务器产品，满足阿里在云计算、大数据 处理、AI 模型训练等复杂业务场景下的多样化需求。此外，在AI PC和面向行业和企业的智能体解决方 案方面，联想与阿里巴巴有着广泛和广阔的合作。 ...

2026 年 1 月 23 日 陈伟光 S0340520060001 电话：0769-22119430 邮箱： chenweiguang@dgzq.com.cn 罗炜斌 S0340521020001 电话：0769-22110619 邮箱： luoweibin@dgzq.com.cn 资料来源：iFind，东莞证券研究所 超配（维持） 电子行业双周报（2026/01/09-2026/01/22） 行 业 日系 Resonac 上调覆铜板产品价格 投资要点： 本报告的风险等级为中高风险。 本报告的信息均来自已公开信息，关于信息的准确性与完整性，建议投资者谨慎判断，据此入市，风险自担。 请务必阅读末页声明。 电子行业 SAC 执业证书编号： 行情回顾及估值：申万电子板块近2周（01/09-01/22）累计上涨5.84%， 跑赢沪深300指数6.14个百分点，在申万行业中排名第6名；板块1月累 计上涨13.00%，跑赢沪深300指数10.98个百分点，在申万行业中排名第 4名；板块今年累计上涨13.00%，跑赢沪深300指数10.98个百分点，在 申万行业中排名第4名。估值方面，截至1月22日，SW电子板块PE T ...